Financial services provider, Zamara Group, in partnership with the Kenya National Federation of Jua Kali Associations (KNFJKA), has kicked off a mass rollout of the Fahari Retirement Plan across the country. This comes on the back of successful pilot programs across Nairobi, Machakos, Kiambu, Nyeri and Kisumu counties.
Through these pilot exercises, the team enrolled around 10 percent of the registered Jua Kali members in various associations as Fahari members
“Through the pilots, we have learned a lot about the needs of the Jua Kali sector members and are confident that our suite of integrated digital financial solution we are offering, that includes financial literacy, goal-based savings and insurance solutions, shall help transform the sector and inculcate a savings culture among members,” said Zamara Group Chief Executive Officer Sundeep Raichura.
“We are delighted to have had a successful pilot exercises and are very excited to get into the next stage of the rollout of this plan. Pension schemes, especially individual pension schemes like Fahari, are fundamental in the journey towards financial security,” added Richard Muteti, the Chief Executive Officer, Kenya National Federation of Jua Kali Associations.
The pilots have led to a number of enhancements to the product with Fahari Retirement product now having three levels of the embedded last respect cover. Members can now choose to either take up a cover limit of Ksh25,000 for Ksh100 per year, Ksh50,000 for Ksh200 per year or Ksh100,000 for Ksh400 per year depending on their needs.
“Plans are also in place to incorporate other insurance solutions including personal accident and medical insurance cover,” Mr Raichura added.
In November 2021 , Zamara Group and Kenya National Federation of Jua Kali Associations signed a Memorandum of Understanding to drive financial inclusion to the informal sector to enable saving and protection from old-age poverty and pertinent risks that come along with the life cycle of the average Jua Kali worker.
The mass rollout program kickoffs within the 17 Nairobi sub counties and shall be expanded to the remaining 46 counties.
Fahari Retirement Plan is an individual retirement solution targeted to the individuals within the productive age of the population to save for their future, the majority of whom are active in the informal sector.